DATA RESPONSE IN ECONOMICS

A PIE CHART  This is a circle divided into sectors whose angles are proportional to the frequencies of the items. They are represented in degrees or percentages. The whole circle is 360 and it is measured by the use of protractor. It is referred to as pie https://youtu.be/rXoHqVWKtr0 SIMILAR CHARTS RELATED TO PIE CHART 1. DOUGHNUT CHART A doughnutut chart (also spelled donut) is a variant of the pie chart, with a blank center allowing for additional information about the data as a whole to be included. Doughnut charts are similar to pie charts in that their aim is to illustrate proportions.[citation needed] This type of circular graph can support multiple statistics at once and it provides a better data intensity ratio to standard pie charts. It does not have to contain information in the center. 2. EXPLODED PIE CHART  This is a chart with one or more sectors separated from the rest of the disk is known as an  exploded pie chart . This effect is used to either highlight a sector, or to

  EXCEPTION TO THE LAW OF SUPPLY Exceptional or Abnormal Supply: is the supply pattern which does not abide by the law of supply, and therefore, gives rise to the reverse of the basic law of supply which states that the higher the price, the higher the quantity of commodity that will be supplied by the producer, and vice-versa. An abnormal supply also called a Regressive or Backward Sloping Supply Curve. Shows that at higher price, less quantity will be supplied. That is a negative situation in which a fall in the price of a commodity leads to an expansion of its supply. Causes of abnormal supply are as itemized below: 👉Existence of some fixed assets whose prices increase without a  corresponding increase in its size, eg Land 👉Rising wages of labour where a worker tends increase his leisure time and reduce his productive working hours at high wage rate 👉A producer with a particular target income may go on supplying the market with his commodities even when prices fall. 👉Monopolisti

 : NATURE AND SCOPE OF ECONOMICS Economics like other social subject has no specific definition because there are economists that see the subject from different views., they may be interested in different aspect of Economics such as Monetary Economics, Industrial Economics, Business Economics, Welfare Economics, Micro Economics, Macro Economics e.t.c. They therefore define Economics to reflect their interest. Examples are:  1.Prof. A.C. Piqou: In his book, the economics of welfare, defined economics as the study of human actions in relations to materials or economic welfare.  2.Alfred Marshal: Economics is the study of mankind in other business of life. 3. Adams Smith: He defined economics as an enquiry into the nature and causes of wealth of nations . Adam Smith is regarded as the father of economics theory. 4.H.J Davenport: He said economics is the science that treat phenomena from the standpoint of price”.  6.J.S Mills: In his own contribution, J.S Mills defined economics as a pra